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this post was submitted on 06 Sep 2023
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Oh, right. People only pay for things they don’t want. How could I have forgotten?!
For what it's worth, surveys in my country repeatedly show that renters would prefer to own. But the market here is rough and banks are denying people loans even with a lower monthly payments than their existing rent.
I would think it is the same in the US, but most people here rent because they can't buy.
That does not mean they prefer to own right now. If you plan on moving to a new place in a few months, for example, it would kind of silly to buy only to have to buy again a few months later. You may prefer to buy, but the rational person would rent for a few months to bridge the gap, and then buy once they get to where they plan to stay.
And, given the current state of housing, with a high risk of it soon imploding, a lot of people would rather wait a few months, even a few years, before they buy to see what happens to the market. Again, preferring to own doesn't imply right now.
The data shows a clear downward trend in price, especially in the traditionally desirable areas. If you have somewhere to rent, why would you choose to buy at this exact moment, knowing – with reasonable confidence – that a house will be cheaper in six months?